RECORDER REPORT
KARACHI: The rupee depreciated against the dollar on the money market on Wednesday in process of trading, experts said.
INTER-BANK MARKET RATES: The rupee almost maintained the overnight levels versus the dollar for buying and selling at Rs 110.57 and Rs 110.58, they said.
In the third Asian trade, the dollar extended its latest retreat on Wednesday after a key advocate for free trade in the White House announced his resignation, fanning fears President Donald Trump would go ahead with tariffs and risk a trade war.
Dealers feared the departure of economic adviser Gary Cohn, a former Wall Street banker, would embolden protectionist forces in the US administration as Trump tries to impose hefty tariffs on steel and aluminium.
"It's not clear whether Trump is using tariffs as negotiation tactics or he really means it. Whatever the case, we cannot ignore the risk of protectionism," Ayako Sera, market economist at Sumitomo Mitsui Trust Bank.
The dollar was trading against the Indian rupee at Rs 64.960, the greenback was available at 3.901 versus the Malaysian ringgit and the US currency was trading at 6.326 in relation to the Chinese yuan.
Inter bank buy/sell rates for the taka against the dollar on Wednesday: 82.96-82.96 (Previous 82.96-82.96).
OPEN MARKET RATES: The rupee shed 10 paisas in relation to the dollar for buying and selling at Rs 111.70 and Rs 112.00, they said. The rupee also lost 25 paisas in terms of the euro for buying and selling at Rs 137.50 and Rs 139.00, they added.
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Open Bid Rs.111.70
Open Offer Rs.112.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Bid Rate Rs.110.57
Offer Rate Rs.110.58
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RUPEE IN LAHORE: The Pak rupee moved both ways in terms of trading against the US dollar in the local currency market on Wednesday.
According to currency dealers, the US dollar continued fluctuating throughout the trading session amidst divergent demand and supply situation. At the close, it was ended at Rs 111.55 and Rs 111.85 for buying and selling, respectively, as compared to the overnight closing trend of Rs 111.40 and Rs 112.00 respectively, they added.
Furthermore, the local currency registered reduction versus the pound sterling. The pound's buying and selling rates rose from Tuesday's closing of Rs 153.00 and Rs 153.50 to Rs 153.35 and Rs 154.00 respectively, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 111.90 (buying) and Rs 112 (selling) against last rate of Rs 111.80 (buying) and Rs 111.90 (selling). It closed at Rs 111.90 (buying) and Rs 112 (selling).
